Investment activity will revive in 2019-2020, induced by inflows of EU funds and increased capital spending for machinery by enterprises. Household consumption, backed by a considerable rise in employment and incomes, continues to be a strong driver of growth. However, given the weakened outlook for external demand, exports will develop at a declining pace in the coming years. We project GDP to grow at lower rates of 2.9% in 2019 and 2.5% in 2020, while even diminishing to 2.2% in 2021.

map Estonia
Main Economic Indicators201620172018201920202021
Population, 1000 persons131613171322...
GDP, real change in %
GDP per capita (EUR at PPP)225002360025300...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average6.
Average gross monthly wages, EUR114612261310...
Consumer prices, % p.a.
Fiscal balance in % of GDP-0.3-0.4-0.6...
Public debt in % of GDP9.29.28.4...
Current account in % of GDP2.
FDI inflow, EUR mn8451403860...
Gross external debt in % of GDP88.482.677.3...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


ESTONIA: At full capacity – heading for a soft landing

Sebastian Leitner
in: Moving Into the Slow Lane
wiiw Forecast Report No. Spring 2019, March 2019 , pp. 84-87
Details and Buy


Monthly Report No. 6/2018

Vasily Astrov, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 6, June 2018
27 pages including 1 Table and 1 Figure